South Korea's City Of Busan Starts Partnership With Hyundai Pay Blockchain Company

    South Korea’s Second Largest City Starts Partnership With Blockchain Company

    Busan, the second largest city of South Korea, only behind Seoul, has decided to sign a Memorandum of Understanding (MoU) with Hyundai Pay, a blockchain company. The partnership was made so that the company will help the city to develop a blockchain platform and a crypto wallet. These blockchain initiatives will be used to promote the growth of startups in the Busan area.

    According to the MoU, Hyundai Pay will move its headquarters to Busan and will also create the necessary infrastructure for the fintech hub in the area. Another goal is to revitalize the blockchain industry in order to contribute to the development of a local information and communication technology industry locally.

    The spokesman from the city of Busan has affirmed that the town is planning new services as part of a larger goal to turn the city into a large hub for the blockchain technology and the fintech industry, which they believe that will be important in order to help the growth of the city.

    The Korean Crypto Hub

    Everybody knows about the Silicon Valley, so the idea of promoting a big tech hub is nothing new. In fact, the City of Busan is inspired by the Crypto Valley of Switzerland as a model to create its own local hub.

    Last year, the city government has announced that it would spend at least $3.5 million USD to create a virtual power plant that would be backed with the blockchain technology, so it is clear that the government is betting on this technology as the future.

    These are all small steps, though, as creating a blockchain hub is a very difficult mission that needs the cooperation of the local government and several companies at the same time.

    Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 13th)

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    IBM Wins ‘Self-Aware' Token Patent, It Can Record Offline Transaction Data To Upload Later

    IBM was given a US patent for a “self-aware” token that’s capable of recording its own data for transactions. The patent was awarded on January...

    World’s Largest Oil Firm Saudi Aramco, Drops $5M Into Vakt's Blockchain Trading Platform

    A leading oil corporation from Saudi recently invested $5 million towards a blockchain based startup dubbed ‘Vakt’. Saudi Aramco Energy Ventures (SAEV), initiated the...

    China’s Crypto Affinity Drops As LocalBitcoin Volume Drops To 2-Year Lows

    China’s BTC trading volumes have hit an all-time low in two years with the peer to peer (p2p) exchanges on LocalBitcoin. As of the...

    Bitfinex Ordered To Freeze $860k Bitcoin Linked To BitPaymer Ransomware By UK Courts

    A High Court in the United Kingdom has issued a freeze order on Bitcoin acquired via a ransomware attack against a Canadian-based firm. The...

    TradeStation Users Now Have Access To CME, Bakkt Bitcoin Futures Options Trading

    TradeStation is an online brokerage firm for securities and on 27th January announced that its clients can now trade Bitcoin Futures Options from CME...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.